Submitted Jan 5, 2017|From dailypriceaction.com|1 comment

The NZDUSD is testing the conviction of sellers today. As I type this, the pair is trading at 0.7019, well above the 0.6970 key resistance level. But for those who are familiar with the way I trade, you know that intraday price action means very ...

Submitted Jan 3, 2017|From dailypriceaction.com

The GBPUSD has now confirmed that sellers remain in control. The struggle for power was left unanswered last week given the various closing prices from some of the brokers I use. You may recall that following the break of wedge support on December ...

Submitted Jan 2, 2017|From dailypriceaction.com

Over the weekend we discussed the AUDUSD and how the 0.7160 handle is the line in the sand between buyers and sellers. This area first came under fire on December 23rd and continued to serve as support throughout last week. Although Friday’s session ...

Submitted Dec 29, 2016|From dailypriceaction.com

A few weeks ago we were discussing a broadening wedge that had been forming on the GBPJPY 4-hour chart. These patterns tend to signal exhaustion, which meant a pullback to support for the yen cross. In addition to the broadening wedge, the pair had ...

Submitted Dec 28, 2016|From dailypriceaction.com|9 comments

Over the weekend I commented on how the NZDUSD was likely to attract offers at 0.6920/30. This area represents former descending channel support that extends from the October low at 0.7034. So far today’s high is 0.6929, and the pair is off that ...

Submitted Dec 27, 2016|From dailypriceaction.com

Someone asked me over the weekend about the AUDNZD trade idea I mentioned last week. To summarize, we were watching for a break above trend line resistance that extends from the October 26th high. Such a move would not only produce a potential ...

Submitted Dec 26, 2016|From dailypriceaction.com

NZDCAD isn’t a pair I trade often. It tends to move in quick bursts followed by tight consolidation, which doesn’t conform to my preferred style of trading. However, the pair recently made a sharp move lower that put it below a level of interest on ...

Submitted Dec 26, 2016|From dailypriceaction.com

Apart from Thursday’s session, the EURUSD spent last week trading in a 130 pip range. The consolidation is something I mentioned last weekend as a probability given how aggressively the pair has lost ground since December 8th. As for key levels, ...

Submitted Dec 21, 2016|From dailypriceaction.com|1 comment

The GBPUSD has reached our first target at 1.2326, giving those who entered short on last week’s retest a profit of 175 pips. After closing below wedge support on December 15th, we were looking for a retest of the area between 1.2510 and 1.2550. It ...

Submitted Dec 20, 2016|From dailypriceaction.com|2 comments

I love moments like this because I get to watch buyers and sellers exchange blows in real time. Sure, that happens in every session, but there’s nothing quite like the moment a pair challenges a key level. This is particularly the case when dealing ...

Submitted Dec 19, 2016|From dailypriceaction.com|1 comment

On December 1st I pointed out a broadening wedge that was forming on the GBPJPY 4-hour chart. At the time, the pair was trading near 144.00 and had just tested wedge resistance for the third time. These formations can serve as an early warning sign ...

Submitted Dec 18, 2016|From dailypriceaction.com

The EURUSD furthered its descent last week with a close below the former multi-year low at 1.0461. Also of significance was Thursday’s low, which at 1.0365 makes it the lowest print for the single currency since January of 2003. Given how ...

Submitted Dec 13, 2016|From dailypriceaction.com|1 comment

The NZDUSD is once again challenging support-turned-resistance. The trend line that extends from the January low held as support through October before breaking down on November 15th. Over the weekend, I commented on the bearish rejection candle ...

Submitted Dec 12, 2016|From dailypriceaction.com

I haven’t had any interest in the USDCAD for months. The last time I mentioned the pair was back in early September when sellers were challenging a multi-year trend line. Since coming off its 2,200 pip slide in the first half of 2016, the pair ...

Submitted Dec 8, 2016|From dailypriceaction.com|3 comments

The head and shoulders pattern is by far my favorite way to trade reversals in the Forex market. They don’t come around often but when they do the profits can be considerable. It isn’t abnormal to see moves of 500 pips or greater from these ...

Submitted Dec 5, 2016|From dailypriceaction.com|2 comments

Following the false break above channel resistance in early November, the NZDUSD became relatively predictable. A break of ten-month trend line support led to a retest and subsequent bounce from the confluence of support at 0.6970. Even after the ...

Submitted Dec 2, 2016|From dailypriceaction.com|15 comments

The GBPUSD looks set to take on the post-Brexit low at 1.2790 as new resistance next week. This comes after the pair punched through the level on October 4th just three days before the pound flash crashed to new multi-year lows. We’ve been ...

Submitted Nov 30, 2016|From dailypriceaction.com

The NZDUSD was one of the more active currency pairs in November. Following an impressive 250 pip rally leading up to the November 9th U.S. elections, the pair lost all bullish momentum and plunged over 400 pips in just nine sessions. For those who ...

Submitted Nov 28, 2016|From dailypriceaction.com

Over the weekend I commented on how AUDUSD buyers may have more left in the tank. Yesterday’s session proved my suspicion to be accurate. The pair has had a rough go lately. After closing below trend line support that extends from the current 2016 ...

Submitted Nov 25, 2016|From dailypriceaction.com

On November 17th I commented on how the EURCAD had broken an eleven-month trend line. The support level dates back to December of 2015 and had served as support on four separate occasions before last week’s break. Since then the pair has edged lower ...